And finally the labels and publishers of economic news
By Andy Malt | Posted on Wednesday, August 10, 2022
K-pop agency JYP Entertainment, which works with girl group Twice among others, has announced plans to stop making physical releases for its artists, in a bid to become more environmentally sustainable. He also hopes to make artists’ merchandising as environmentally friendly as possible.
Although streaming is now by far the biggest revenue generator for the global recording industry, the sale of CDs and vinyl records still generated 19.2% of the industry’s global revenue last year. And in South Korea, physical remains an even bigger deal, accounting for 32.4% of 2021 revenue. But won’t someone somewhere be thinking about all the plastic and packaging that entails?
In its annual report, JYP states: “Since the environment is a global problem, we must solve it together through global solidarity. JYP Entertainment conducts various activities both internally and externally to reduce environmental impact. [By] the promotion of environmental impact albums and [merch]JYP Entertainment strives to reduce the environmental impact of content”.
He goes on to say that “in order to reduce the waste generated when purchasing albums”, he is now considering launching various “digital” album formats to completely replace CDs. The only physical items fans will receive with album purchases are photo cards, with various eco-friendly options being considered for the production of these and other products.
“We will actively use environmentally friendly materials such as biodegradable plastic made from nature and recycling products using discarded waste, and develop the reusable products that can be reused many times, such as clothes, eco-friendly bags and cups using natural materials,” he continues. “To this end, we will also work hard to create social value by looking at cooperation with social enterprises and social enterprises in different ways.”
“As such,” he concludes, “JYP Entertainment will create a K-pop culture where the entertainment industry and the environment can continue to coexist through content containing environmental values.”
In a presentation parallel to the report, JYP founder Park Jin-Young said the company is working to “raise awareness of environmental campaigns” and “do our best to find the most environmentally friendly way to replace and reform the CDs of our artists”. .
You can read the company’s full “Leader Of Change” report here and watch Jin-Young’s presentation here: